Can I Get Another Loan if I Already Have One
Can yous get a second Personal Loan?
March 12, 2020
Unexpected financial events could occur someday, including even later you have already taken a Personal Loan. What if you are already repaying a Personal Loan, but an unexpected event now requires more funding? Is it possible to get some other Personal Loan in such circumstances? Read this post to find out.
A Personal Loan is one of the all-time ways to fund expected and unexpected expenses. From medical emergencies, child's education, travelling, to a nuptials, at that place are many dissimilar instances in life where Personal Loans could function as a lifesaver. But information technology is likewise possible that one such unexpected financial event could occur later you have already taken a Personal Loan.
In such cases, is it possible to go a 2nd Personal Loan? If yes, will the eligibility requirements for the 2nd loan would exist the same as the first one? Let u.s. have a expect.
Can you get a 2d Personal Loan?
The unproblematic respond is yes. An individual tin take more than than one Personal Loan. But only similar the first loan, you lot will take to meet the eligibility requirements of the lender to get blessing for the loan.
Lenders consider several factors similar your current income, existing loans, etc. before approval Personal Loans. Then, if yous are already repaying a Personal Loan, the lender will carefully analyse your repayment chapters before approving multiple Personal Loans. If the lender has any reason to believe that you will be unable to repay ii loans, your loan awarding could exist rejected.
How about taking the second Personal Loan from some other lender?
Approaching a dissimilar lender for the second loan might seem like a smart solution. Simply if y'all practise not see the Personal Loan eligibility requirements as you are already repaying an existing loan, information technology doesn't matter if you approach the same or a different lender. Your existing lender, besides as the new lender, will consider your income and repayment capacity to determine whether you are eligible for a second loan.
The solution? Take a Top-Upwardly Loan
Lenders do sympathise that people might crave more than 1 Personal Loan to deal with a financial emergency. As a issue, some of the tiptop lenders in India at present offering peak-up loans. Equally the name suggests, a top-up loan helps you increment the credit limit of your existing Personal Loan. A top-up loan eliminates the need for you lot to approach another lender for the second loan.
Some lenders also let you to combine your previous loan with the top-upwards loan or treat them as individual loans. How much Personal Loan tin I become with a top-upwardly loan? This entirely depends on your eligibility. The lender will consider factors like your income, current liabilities and credit score before approving the loan.
Taking more than one Personal Loan
Taking more than one Personal Loan is a possibility if you run across the eligibility requirements of the lender. The requirements go more than stringent if you are already repaying a loan. A better alternative is to look for a lender that offers a top-upwards loan facility, so that you tin easily fulfil your increased need for money.
By taking a top-upward on a Personal Loan from the same lender, even the documentation process would exist easier, and loan processing and disbursal would be quick and easy as you are already an existing client of the lender.
Apply for acme-up on your Personal Loan, here.
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Source: https://www.icicibank.com/blogs/personal-loan/can-you-get-a-second-personal-loan.page
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